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Opera Limited announces second quarter 2021 financial results, revenue growth exceeds expectations and adjusted EBITDA meets expectations

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3 years ago

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Opera Limited (NASDAQ: OPRA), one of the world’s largest internet consumer brands with hundreds of millions of users worldwide, today announced its unaudited consolidated financial results for the quarter ended June 30, 2021.

Second quarter 2021 financial highlights

Three Months Ended June 30,

Year-over-

Six Months Ended June 30,

Year-over-

[US$ thousands, except for margins and per ADS amounts]

2020

2021

year %

change

2020

2021

year %

change

Revenue

32,217

60,161

86.7

%

72,411

111,744

54.3

%

Net income (loss)

17,141

44,287

158.4

%

(3,722)

44,926

n.m.

Margin

53.2

%

73.6

%

(5.1)

%

40.2

%

Adjusted EBITDA (1)

598

(1,015)

n.m.

255

3,561

1296.5

%

Margin

1.9

%

(1.7)

%

0.4

%

3.2

%

Adjusted net income (1)

19,397

49,144

153.4

%

7,123

53,751

654.6

%

Margin

60.2

%

81.7

%

9.8

%

48.1

%

Diluted net income per ADS, US$

0.13

0.38

187.9

%

(0.03)

0.39

n.m.

Diluted adjusted net income per ADS, US$ (1)

0.16

0.42

162.6

%

0.06

0.46

666.7

%

(1) Please see the separate section “About non-IFRS financial measures” for the definitions of adjusted EBITDA and adjusted net income.

“We’re pleased to report yet another strong quarter and again raise revenue guidance for the year”, said Opera Co-CEO Song Lin. “As people continue to shift their lives online, they want to be able to choose a browser that can be personalized to reflect the way they lead their digital lives. Opera is that browser, and we see a huge opportunity ahead of us as we continue to meet these needs. In addition, we are well underway to seize opportunities both on the content side with News and Gaming and geographic expansion to higher monetizing regions.”

“Every aspect of our business is performing: the innovations and features that are attracting more users and allowing us to push into new geographies and new categories, our ability to monetize our user base, and even the value of our investments” concluded Song Lin. “We’re looking forward to continued growth in 2021.”

Second Quarter and Recent Business Highlights

  • Core search and advertising revenue growth rates accelerated to 94% year-over-year in Q2 driven by strong browser and news performance
  • Opera’s monthly active user base was relatively stable compared to the second quarter of 2020; however, within the total our user base saw a directional shift towards higher ARPU markets. We directed our focus towards growing North America which saw 52% user growth, and Europe with 15% user growth, and less focus on Asia as we continue to target higher monetizing users
  • The Company reached 78 million average monthly PC users in the second quarter, up 4% year-over-year
  • The Opera GX browser user base now has 10 million users on desktop and already exceeds one million on mobile
  • Opera announced over 1 billion cumulative downloads on the Google Play Store
  • Opera News revenue grew 442% year-over-year and 49% sequentially versus the first quarter of 2021; Opera Football, a vertically focused news site which launched in June, and already has over 10 million users
  • Continued scaling our other strategic growth initiatives; we launched our cashback offering under the Dify brand in Spain which led to a four-fold increase in facilitated e-commerce transactions in our browsers from April to June in that market, and we continued to build out the Opera gaming platform/community
  • Hype, our in-browser messaging app for Opera Mini, launched in three more African markets during the quarter and already has over 1 million sign-ups
  • Opera monetized 29% of its stake in OPay for total consideration of $50 million

Business Outlook

“Building off the strong start to the year, we have even greater confidence and expectations for the second half of 2021” said Opera CFO, Frode Jacobsen. “The investments we have made in our ‘Browser+’ strategy are becoming material and apparent in our financial results, on top of healthy core browser revenue growth.”

For the full year of 2021, Opera now expects revenue of $242 million to $247 million, representing a 48% year-over-year increase versus 2020 at the midpoint. Following the successful execution of our growth strategy to date, we have additional confidence in continuing our growth investments and expect adjusted EBITDA to come in between $10 and $20 million for the year.

For the third quarter of 2021, Opera expects revenue of $63 million to $65 million, representing 51% year-over-year growth at the midpoint. This is being driven by further acceleration in our core businesses and the continued growth of Opera News. Adjusted EBITDA will be around breakeven as Opera continues to invest significantly in the growth of its businesses.

Other updates

Nanobank continued its rebound with revenue of $57.3 million, a 14% sequential increase versus the prior quarter. Nanobank expects sequential growth in the second half of the year to continue at this level or higher, however the company has been required to remain cautious in light of the continued implications of COVID in its markets, in particular as it relates to India. Adjusted EBITDA was $1.6 million following a re-assessment of its credit loss provisions in light of current market conditions.

During the quarter, we monetized 29% of our stake in OPay for a total consideration of $50 million, representing a gain of $31.1 million compared to the previous carrying amount on our balance sheet. In addition, we recognized a financial gain related to the associated step-up in the fair value of our retained preference shares in OPay.

Second quarter 2021 consolidated financial results

All comparisons in this section are relative to the second quarter of 2020 unless otherwise stated. Income and expenses from our former emerging markets fintech and retail operations are not included in comparisons as they are classified as discontinued operations.

Revenue increased 87% to $60.2 million in the quarter.

  • Search revenue increased by 69% to $29.8 million driven by both PC and mobile browser monetization growth.
  • Advertising revenue increased by 128% to $28.9 million, predominantly fueled by monetization growth within Opera News and our mobile browsers.
  • Technology licensing and other revenue was $1.4 million, a $0.5 million decline compared to the same period of the previous year as we have been phasing out low-margin professional services for an investee.

Operating expenses increased by 77% to $68.2 million.

  • Combined technology and platform fees, content cost and cost of inventory sold was $2.7 million, a 24% increase following the scaling of associated revenues.
  • Personnel expenses, including share-based remuneration, were $18.5 million, a 29% increase as we are investing in new products and services. This expense consists of cash-based compensation expense of $16.5 million, and $1.9 million of share-based remuneration expense.
  • Marketing and distribution expenses were $35.3 million, an increase of 254% or $25.3 million versus Q2 2020, and 51% or $11.9 million versus Q1 2021. We are investing in accelerating the growth of our business, with Opera News in developed markets representing the biggest driver of the increases in both comparisons.
  • Depreciation and amortization expenses were $5.1 million, a 6% increase.
  • Other operating expenses were $6.4 million, a 6% decrease.

Operating loss was $7.9 million compared to an operating loss of $0.3 million in the second quarter of 2020.

Other items in the quarter include a $57.5 million increase in the fair value of our preferred shares in OPay, recorded as other income from long-term investments. This was partially offset by our share of loss from associates and joint ventures of $2.3 million. Further, we recorded a net finance loss of $4.9 million related to marketable securities held as part of our treasury function and net foreign exchange loss, as compared to a $9.2 million gain in the second quarter of 2020.

Income tax benefit was $2.0 million in the quarter.

Net income was $44.3 million. This compared to net income of $17.1 million in the second quarter of 2020.

Net income per ADS was $0.38 in the quarter. Each ADS represents two shares in Opera Limited. In the quarter, the average number of shares outstanding was 230.3 million, corresponding to 115.1 million ADSs.

Adjusted EBITDA was negative $1.0 million and in line with the previous guidance, representing a negative 2% adjusted EBITDA margin, compared to adjusted EBITDA of $0.6 million in the second quarter of 2020. Adjusted EBITDA excludes share-based remuneration and non-recurring expenses, as well as other income and discontinued operations.

Adjusted net income was $49.1 million in the quarter, compared to adjusted net income of $19.4 million in the second quarter of 2020. Adjusted net income excludes share-based remuneration, non-recurring expenses, discontinued operations and amortization of intangible assets related to acquisitions.

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Invitation to presentation of EQT AB’s Q1 Announcement 2024

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3 weeks ago

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April 5, 2024

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invitation-to-presentation-of-eqt-ab’s-q1-announcement-2024

STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826

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https://mb.cision.com/Main/87/3956826/2712771.pdf

Invitation to presentation of EQT AB’s Q1 Announcement 2024

https://news.cision.com/eqt/i/eqt-ab-group,c3285895

EQT AB Group

 

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Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs

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April 5, 2024

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kia-presents-roadmap-to-lead-global-electrification-era-through-evs,-hevs-and-pbvs
  • Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
  • Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
  • Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
    • Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
    • PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
  • Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
  • 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
  • CEO reaffirms Kia’s commitment to ESG management

SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.

Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.

During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.

The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”

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BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update

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April 5, 2024

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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.

BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.

ON BEHALF OF THE BOARD

Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054

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